New to the forum...extended warranty purchase question?

[cullinan18]

The extended warranty is NEVER an investments. It's about buying piece of mind. The statistics shows buying an extended warranty will come out likely poorly for the person buying it. This is a business, so, of course, it has to statistically be beneficial for the warranty provider. Now, since statistics meaning to the individual (ie - just because American men live, on average to X years old, there's no guarantee for you), you may or may not come out ahead with it. Use it once or just have piece of mind knowing you won't have a huge expense, then it may be worth it to you. Since the factory warranty is only 3 years and my dealer has a 10 year engine warranty (but it doesn't cover turbos????), I shopped online came to pick up my vehicle with multiple extended warranty prices and contracts in hand. The Ford dealer beat all of the 3rd party warranties I had with me. If the price is good enough for you, the coverage sufficient, and it will make you feel better, than buy it. If you expect to come out financially ahead, you most likely won't.

 

[Matticus]

I equate coming out financially ahead to piece of mind

 

[1955moose]

Piece of mind was part of the spiel, that we told customer's when selling the maintenance contract. Something about those words gets 90 percent of people to think should I?

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[TobyU]

I am an unlucky warranty person. I have known other who came out smelling like a rose.

One guy bought a turbo charges used car from dealer for 6-7K. He got the warranty and in a few months his crankshaft broke in half. (common but long story)
He got a complete new engine don't remember if it was short or long block but still...and a new turbo since it was "an oil lubricated" item as written in warranty.
This was around 1993-1994. I have read that many warranties have gotten stricter and then of course it's SOP to nickle and dime you and weasel.